Provisions for drastic pension cuts across the board in social security draft law

The draft legislation on social security and public sector pensions that has come to light provides that people planning to enter early retirement will see their pensions drastically slashed. Public servants and military personnel that enter retirement after the bill is made law will receive lower pensions due to the new calculation system, while also being compelled to pay higher contributions. The draft provides that pensioners entering early retirement will receive a reduced national pension equal to 1/200 for each month until the time they would been eligible for a mature age pension. The new pensions will be cut between 10-25% for public servants based on the new coefficients, while public hospital doctors and University professors will also see notable cuts in their retirements, as their monthly pension will not be estimated based on their last salary and added benefits. Self-employed people will see a 60% reduction in their pension, while invalid pensioners will also be affected, as those judged with 67%-75% disability will receive 75% of the national pension, and those with a 50%-66.9% disability will receive 50% of the national pension. According to the new draft, people with many years of social security coverage and high salaries will receive between 400 and 1,200 Euros in pensions, a reduction of up to 35%. Much tougher requirements will be imposed on those eligible for widowers’ pensions. Finally, employees insured for over 35 years with monthly wages over 1,000 Euros are estimated to see cuts in their pension between 10-35%.